Billion dollar corporation profit booms 600% on JobKeeper

Wednesday, 29 July 2020

I am happy for stimulus to prioritise speed over precision given that is its job. But there are limits. If K&S Corporation is any guide then JobKeeper has crossed them:

This is a 600% increase in net profit:

All of it attributable to $12.4m in JobKeeper payments.

WTF.

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.